Feb 14 2007
The UK is becoming a nation where adults are increasingly having to support their children through their adulthood, it has been revealed.
According to research by GE Life, 64 per cent of parents provide their adult children with financial assistance and continue to do so when their children have their own offspring.
The retirement specialist reports that this is due to a feeling of parental responsibility.
"There's a lot to be said for keeping it in the family, at least as far as money is concerned," stated Cliff D'Arcy of the Motley Fool, in reference to the research.
"After all, borrowing from the bank of Mum and Dad is likely to be hugely cheaper than going cap in hand to a bank or other lender."
The research from GE Life also revealed that parents pay out an average of almost £7,700 on three years of university fees for their children.
However, Kirsty Macpherson, of GE Life, noted that in doing so parents could potentially be leaving themselves out of pocket in later life.
In related savings news, NatWest is offering an incentive for young savers.
Customers who open a Young Savers account with a standing order of £10 or more will receive a gift of a NatWest ceramic 'paint your own pig' piggybank.
